The company’s solvency ratio continues to remain robust at 1.96 as on March 31, 2024 as against the regulatory requirement of 1.50.
FinTech BizNews Service
Mumbai, April 28, 2024: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of
Rs. 38,238 crores for the year ended on 31 st March, 2024 vis-a-vis Rs.29,589 crores for the year ended
March 31, 2023. Single premium has increased by 44% over previous year.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 4,165
crores for the year ended March 31, 2024 marking a growth of 15%. Protection Individual new business
premium stands at Rs.951 crores for the year ended March 31, 2024. Individual New Business Premium
stands at Rs. 23,832 crores with 14% growth over previous year.
SBI Life’s profit after tax stands at Rs. 1,894 crores for the year ended March 31, 2024.
The company’s solvency ratio continues to remain robust at 1.96 as on March 31, 2024 as against the
regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 27% to Rs. 3,88,923 crores as on March 31, 2024 from Rs.
3,07,339 crores as on March 31, 2023, with the debt-equity mix of 64:36. Over 95% of the debt
investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 3,16,038 trained insurance professionals and wide
presence with 1,040 offices across the country, comprising of strong bancassurance channel, agency
channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance
marketing firms, web aggregators and direct business.
Performance for the year ended March 31, 2024
Private Market leadership in New Business Premium of Rs. 38,238 crores with 29% growth and 24.6%
market share.
Private Market leadership in Individual NBP of Rs. 23 832 crores with 14% growth and 25.8% market
share
Annualized Premium Equivalent (APE) stands at Rs. 19,723 crores with growth of 17%
Protection Annualized Premium Equivalent (APE) stands at Rs. 2,099 crores with growth of 18%.
Value of New Business (VoNB) stands at Rs. 5,548 crores with 9% growth
VoNB Margin stands at 28.1%.
Profit After Tax (PAT) stands at Rs. 1,894 crores with 10% growth.
Solvency ratio of 1.96.
Annuity & Pension New Business stands at Rs. 8,932 crores with 6% growth.
Assets under Management stands at Rs.3,88,923 crores with 27% growth.
Operation Return on Embedded Value stands at 21.8%.
